Basic Economic Questions - 3060 Words

Economics questions Top of Form [pic][pic][pic] 1. Scarcity: [pic]A) exists because resources are unlimited while human wants are limited. [pic]B) means we are unable to have as much as we would like to have. [pic]C) will likely be eliminated as technology continues to expand. [pic]D) is not an issue addressed in economics. 2. Which of the following is true of resources? [pic]A) Resources are inputs used to produce goods and services. [pic]B) Labor is the mental and physical capacity of workers to produce goods and services. [pic]C) Entrepreneurship organizes resources to produce goods and services. [pic]D) All of these are true. 3. Which of the following is not an example of a factor of production? [pic]A) A forest.†¦show more content†¦[pic]C) one influence is changing and everything else is being held constant. [pic]D) the consumer is king. 4. The condition of scarcity: [pic]A) cannot be eliminated. [pic]B) prevails in poor economies. [pic]C) prevails in rich economies. [pic]D) All of these. [pic] 5. Positive economics is a(n): [pic]A) reflection of a country s values. [pic]B) judgment of the correctness of an economic outcome. [pic]C) statement of fact. [pic]D) analysis of what ought to be. [pic]E) analysis of all the good market outcomes. 6. Which of the following would be of particular interest to a microeconomist? [pic]A) The price of fruit the typical household consumes. [pic]B) The nation s inflation rate. [pic]C) The nation s rate of unemployment. [pic]D) The budget of the national government. [pic]E) The growth of the economy. 7. The person who assumes the risks and uncertainties of starting a new business is considered to be: [pic]A) the manager. [pic]B) the out-resourcer. [pic]C) a sales representative. [pic]D) an entrepreneur. 8. Microeconomics deals with the analysis of all the following questions except how: [pic]A) the wages of carpenters are determined. [pic]B) high did unemployment rise during the Great Depression. [pic]C) does Ford decide how to price its cars. [pic]D) does a college student decide how to spend her income. [pic]E) do monopolies and competitive markets differ. 9. Natural resources are: [pic]A) not considered scarceShow MoreRelatedEconomic Questions Essay645 Words   |  3 PagesEconomic Questions â€Å"Why would a developing nation answer the three basic economic questions differently than a country like the United States?† There are three basic economic questions that each and every society must answer to. The way that the society answers to these questions shape and define their economic system. The first economic question that they must answer to is â€Å"What Goods and Services Should We Produce?† The second question is â€Å"How Should We Produce Goods andRead MoreThe Law Of Obligation Is A Private Law1672 Words   |  7 Pagesadapting it piecemeal to social and economic changes’ . 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